FinCEN BOI - New Filing Requirement for LLCs!

I have some kinda annoying and crappy news…

But I WANT TO EMPOWER YOU 💪 as a fellow Texas Entrepreneur,

And help make Compliance SIMPLE!

So I'm sharing this news with you anyway…

If you have an LLC,

You probably know by now

(especially if you've watched my YouTube videos )

That you have to file

Your Franchise Tax return

EVERY YEAR

OR you risk LOSING your LLC.

WHAT'S NEW???

Well, I recently learned that

In addition to that,

The FEDERAL government is

Now requiring ALL businesses

(LLC, S-Corp, C-Corp, Partnerships, etc…)

who registered their business with their STATE

(this applies to ALL States)

To file a BOI Report

= Beneficial Ownership Information Report

Within 30 days of registering a new business.

This report basically wants to know

WHO OWNS or BENEFITS from

Every STATE Registered business

In the UNITED STATES.

FinCEN = Financial Crimes Enforcement

Is the governing department (sister to the IRS and US Treasury)

That created this requirement.

They are attempting to CRACK DOWN

On criminals who use businesses to hide

Their illegal transactions and activities.

GUIDELINES:

Existing Businesses (formed before 12/31/23):

You must file this report by

JANUARY 1, 2025

New Businesses (formed between 1/1/24 to 12/31/24):

You must file this report within

90 DAYS

All New Businesses (formed 1/1/25 and going forward):

You must file this report within

30 DAYS

ALL of the above BUSINESSES:

You only have to file an INITIAL report, but

IF any information changes or needs to be UPDATED,

You will have to file another BOI Report.

IF you don't have any new changes to report after the INITIAL report,

You only have to file this report ONCE.

At least it's not an annual filing…😉

BOI FAQ - PENALTIES FOR VIOLATING REPORTING REQUIREMENTS